The Federal Competition and Consumer Protection Commission has cautioned Nigerian banks about ongoing disruptions in online banking services, urging them to uphold customers’ rights.
In a statement released Tuesday, FCCPC’s Executive Vice Chairman, Tunji Bello, expressed concern about service interruptions that have prevented many Nigerians from accessing funds and completing essential transactions.
“These disruptions have negatively impacted millions, creating serious challenges for individuals and businesses alike,” the statement noted. Bello highlighted that under the Federal Competition and Consumer Protection Act of 2018, customers have specific rights to receive reliable and fair service from banks.
“When banks fail to maintain access to essential financial services, they may be violating customer rights,” the statement explained. “Interruptions in online banking services are no longer a mere inconvenience but a violation when they prevent consumers from accessing their own funds in Nigeria’s increasingly cashless economy.”
The FCCPC emphasized that banks should communicate openly with customers about service disruptions, explaining the cause, scope, and expected duration. “Regrettably, many customers remain uninformed, leading to frustration and a sense of neglect,” Bello added.
The commission assured customers that it is actively investigating the situation and working with relevant financial authorities to ensure consumers’ rights to reliable service are upheld. “Bank customers have the right to seek redress if they suffer from substandard services,” Bello explained, adding that FCCPC may take additional steps to ensure banks are held accountable.
The FCCPC urged banks to swiftly restore online services, prioritize customer support, and provide clear, accurate updates to customers.
